Several types of assets in Frisco must be divided during a divorce. Because Texas is a “community property” state, cash, real estate, business property, and even the contents of homes must be split evenly between the two parties involved.
The compassionate property division attorneys at Towson Law Firm, PLLC are here to help. Our skilled lawyers and support staff have helped many families navigate this complex time, and we aim to keep families satisfied and peaceful throughout the asset division process. The first step to do so is identifying which assets are held jointly and which are considered separate properties.
A few types of assets are considered exempt from community property rules in Frisco, including:
For example, if a wife inherits a family home from her parents, she retains ownership of that home after her divorce.
Things can become somewhat complicated when funds from an inheritance or personal injury claim are used to fund a business between partners or to improve their home.
For example, suppose a spouse inherits $100,000 and uses this entire sum to launch a business. Upon divorce, this business is valued at $200,000. The spouse who used their inheritance should get $150,000 of ownership: their original $100,000 investment, which was funded through an inheritance, and half ($50,000) of the remaining assets.
Splitting a small business such as this can be very complex. It may make more sense for one spouse to keep the entire $200,000 business and leave $50,000 of another asset.
Some other types of assets are intangible but still fall under the 50-50 split rule of community property in Frisco. Cryptocurrency and non-fungible tokens (NFTs) are contemporary examples.
When splitting these assets, one can think of “crypto” like any other investment. It can be divided equally among both parties, or it may be sold, and the funds split evenly. Thanks to blockchain technology, cryptocurrency valuations are easily identifiable.
NFTs are also intangible assets. Think of them as digital artwork. One cannot divide a single NFT, just as one cannot slice a painting in half to divide it fairly. A single NFT could be sold to satisfy property division laws, and the funds would be split equally. Alternatively, one party could keep the rights to the NFT in exchange for another asset of similar value.
Generally, most types of assets that a Frisco couple acquires during their marriage fall under community property rules. However, parties must agree on current valuations to make agreements fair.
A skilled divorce attorney could help couples identify and agree upon the values of their assets and split them in a way that is satisfactory to everyone.
At Towson Law Firm, PLLC, our seasoned lawyers could help you identify and evaluate all types of assets in Frisco. Whether you are dealing with simple assets like cash, furniture, and jewelry, or more complicated topics such as business ownership, cryptocurrency, and NFTs, we have the experience to address your concerns. Call our attorneys today to book your consultation.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
